Historic project is largest undertaking to date in downtown Westport
Cronheim Mortgage has secured $68 million in financing for Bedford Square, a 108,000 square foot high-end mixed-use development located in Westport, Connecticut. The ten-year interest-only loan was placed for the borrower, Bedford Square Associates, LLC, an entity formed by the individual principal partners Paul Brandes, Daniel Zelson, David Waldman, and Lance Sauerteig.
Twelve years in the making, Bedford Square is a mixed-use project located in the "golden triangle" of downtown Westport. It serves as a gateway to the downtown area, and its community gathering spaces, internal courtyard, and tree-lined sidewalks add to the vitality of downtown.
Bedford Square comprises approximately 80,000 sf of retail, restaurant, and office space. A flagship Anthropologie & Co store occupies 40,000 square feet, and the balance of the project is a mix of high-end lifestyle retail, including Williams-Sonoma, Nic+Zoe, Barbour, Savannah Bee Company, and Wafu, an Asian bistro. Office users include Charter Realty & Development, HSBC and the Higgins Group, a local Christie's International residential real estate affiliate.
Bedford Square also includes 24 luxury residential units ranging in size from 700 square foot studios to 2,100 square foot two-bedroom duplexes. Four of the units are built as maisonettes in individual buildings with a private internal courtyard connecting them. Most units have outdoor balconies, and each unit has dedicated lower level garage parking, an unusual feature in Westport.
In its entirety, Bedford Square runs the full length of Church Lane, from the corner of Main Street and Post Road to the corner of Church Lane and Elm Street. Westport has no significant land parcels available for development and the strict zoning regulations make future redevelopment of competing properties highly unlikely.
Located 50 miles northeast of New York City, the town of Westport is one of the most affluent communities in the United States. With its excellent school system and outstanding quality of life, it is one of the most sought after residential areas in the country. Westport's vibrant downtown is a highly desirable area for both shoppers and tenants with over 80 retailers within walking distance. The town is easily accessed by Interstate 95, the Merritt Parkway and U.S. 1.